My 2004 GC (4.7) has a blown head gasket + 104,000 miles on it. I got an estimate of $2,000 to replace the head gaskets, have the heads machined (if needed) and have the timing chain replaced. The mechanic I talked to said he would rather do a complete engine swap and said he would cut me a break on the labor if I decided to go that route.
So, I'm thinking since I'm past the 100,000 mile mark it might make more sense to either find a low mileage 4.7 from a salvaged Jeep or buy a rebuilt long block.

Thoughts? Any local mechanics out there that would like to give me an estimate on this can send me a PM.